SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
___________________________
Date of Report (Date of earliest event reported): February 21, 1996
UNION TEXAS PETROLEUM HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
Delaware 1-9019 76-0040040
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1330 Post Oak Boulevard, Houston, Texas 77056
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 623-6544
<PAGE>
Item 5. OTHER EVENTS.
Press Release. The information set forth in the press release of the
registrant dated February 2, 1996, which is filed as an exhibit hereto, is
incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
Exhibit
Number Description
99.1 Press release dated February 2, 1996
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
UNION TEXAS PETROLEUM
HOLDINGS, INC.
By: /s/ Newton W. Wilson, III
Newton W. Wilson, III
General Counsel,
Vice President-Administration
and Secretary
Date: February 21, 1996
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description
99.1 Press release dated February 2, 1996
Exhibit 99.1
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM ANNOUNCES
TWO DISCOVERIES IN PAKISTAN
Houston, February 2, 1996 -- Union Texas Petroleum Holdings, Inc.
today reported two discoveries in the Badin area of southeastern Pakistan
by its wholly-owned subsidiary, Union Texas Pakistan, Inc. Union Texas
Pakistan serves as operator of a joint venture group and has a 25.5%
working interest. The Oil and Gas Development Corporation (OGDC), which is
the Pakistan government oil company, has a 49% working interest and
Occidental Petroleum (Pakistan), Inc. holds the remaining 25.5%.
The Zaur Deep-1 exploration well flowed at a daily rate of 14 million
cubic feet of natural gas and 260 barrels of condensate on a 36/64-inch
choke with 2,340 pounds-per-square-inch (psi) flowing tubing pressure from
the middle sands of the Lower Goru formation between 8,065 and 8,131 feet.
Union Texas Pakistan said production from the Zaur well is expected to
commence in 1997, following completion of a new gas pipeline to connect the
Zaur field to the venture's gas production facility at its Bukhari field.
The Buzdar South Deep-1 exploration well was tested at daily rates of
11.2 million cubic feet of gas and 167 barrels of condensate on a
32/64-inch choke with 2,010 psi between 6,174 and 6,215 feet, and 8.1
million cubic feet of gas and 124 barrels of condensate on a 32/64-inch
choke with 1,526 psi between 5,981 and 5,987 feet. The Buzdar well also
flowed at a combined daily rate of 7.2 million cubic feet of gas and 620
barrels of oil and condensate on a 32/64-inch choke with 1,605 psi between
5,942 and 5,987 feet. All perforations were located in the middle sands of
the Lower Goru formation. Union Texas Pakistan said the Buzdar well would
initially be completed as an oil well with production expected to begin in
1996.
-more-
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Both the Zaur Deep and Buzdar South Deep wells are located on the
venture's Badin- II concession area in the Sindh province. During 1995, the
Union Texas Pakistan group drilled a total of 12 exploration wells on its
Badin concession areas, of which five were successful, including the Zaur
and Buzdar wells. Since 1977, the venture has made 43 discoveries in the
Badin areas, including the Zaur Deep and Buzdar South Deep wells. Union
Texas Pakistan said the venture is currently finalizing its plans for 1996
and expects to drill up to seven exploration wells in the Badin areas in
the new year.
In 1995, the venture produced an average of approximately 21, 000
barrels of oil and 174 million cubic feet of gas daily, accounting for
about 38% of Pakistan's total domestic oil production and about 10% of the
country's gas output. The Union Texas venture's 1995 production rates set a
record for the group, its sixth production record since 1989.
One of the largest independent producers located in the U.S.,
Houston-based Union Texas Petroleum Holdings, Inc. (NYSE: UTH) explores for
and produces oil and gas overseas primarily in the U.K. North Sea,
Indonesia and other strategic areas. The company has petrochemical
operations in Louisiana. The corporation celebrates its 100th anniversary
in January 1996. Union Texas celebrates its 100th anniversary in January
1996.
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